Volkswagen Group has agreed a deal which cedes control of Bugatti to a joint venture. It will be called Bugatti Rimac, led by Mate Rimac, with Porsche taking a 45 percent stake in the venture and Rimac, the other 55 percent.
Rimac itself is owned by Mate Rimac (39.2 percent) Porsche (24 percent) Camel Group (14 percent) and Hyundai Motor Group (14 percent), which means that Porsche will, in effect, control 58.2 percent of Bugatti Rimac. That said, Porsche does not expect to have a say in the running of the new company.
The joint venture will see Bugatti’s production remain in France, while all of its research will move into Rimac’s new headquarters in Croatia. Projects previously announced under the Rimac brand will now move to Bugatti Rimac, including the recently announced Rimac Nevera.
Rimac has forged a reputation as a pioneer of the blossoming electric car market. Although the company generally produces high end electric hypercars, it has worked with the likes of Jaguar, Aston Martin and Pininfarina.
Rimac has apparently confirmed his intention to produce a fully-electric Bugatti by the end of the decade, with hybrid models to accompany it. It remains to be seen whether this indicates that other parts of the Volkswagen Group are about to receive the same treatment.